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Trade Recommendation: Ethereum Classic

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The pennant chart pattern at the resistance level tells us about possible breakout with further upward movement. If the price breaks the resistance line of the pennant, this pattern will be realized as a continuation one. Pending orders for buy will be better to place above the resistance at 12.60 level. Stop orders must be placed below the support at 10.80 level. Profit targets are 16.00 and 22.00 levels. DMI confirms strong upward movement. If you don’t use leverage, recommended trading volume for this trade is up to 10% from your deposit.

Market: ETCUSD
Buy: 12.60
Stop: 10.80
Profit Targets: 16.00 and 22.00

The trading signal is based on Poloniex chart.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.3 stars on average, based on 44 rated postsDmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.




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Altcoins

Monero Price Analysis: XMR/USD is Stable and Gunning for Potential Gains on “Bulletproofs” Technology Update Day

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  • Monero developers have released an updated version to their protocol, implementing “Bulletproofs”.
  • XRM/USD is within a range block, with price behavior suggesting of a potential imminent breakout higher.

Monero Becoming First Crypto Over Billion-Dollar Market Cap Implementing “Bulletproofs”

Developers at the Monero foundation, have released an updated version to the protocol. This will be live from 18th and 19th October. They are becoming the first network to try out “bulletproofs”. The goal of this technology is to significantly decrease the weight of confidential transactions. From today, 18th October, the privacy-focused cryptocurrency will be testing this.

The move from Monero will make them the first crypto with over a billion-dollar market cap, to try out the “bulletproofs” technology. Over the past year, the foundation has been working on cutting the size of its confidential transactions, by at least 80 percent.  A full overview of the upgrade was posted in a blog post by Monero.

The purpose of bulletproofs are to facilitate confidential transactions. Senders and recipients addresses will remain visible, but the amounts being sent is concealed. The technology also aims to reduce transaction times and fees.

Sarang Noether, a spokesperson for Monero and a key part of the bulletproof integration, was recently speaking on the upgrade. He noted that “Bulletproofs will be replacing the “zero-knowledge range proofs”, of which their confidential transactions are reliant on. The cryptocurrency will activate the technology during its next system-wide upgrade, or hard fork. An upgrade that will require nodes to adopt a new software. Furthermore, Sarang added, “hard forks are sometimes colored as a risky process. However, this upgrade is part of Monero’s bi-annual cycle to introduce new features.”

Technical Review – 4-hour Chart

XMR/USD 4-hour chart

XRM/USD for the past going on three sessions now has been trading within a tight range-block. This trading behavior coming after the aggressive movements seen just some days before. On 11th October the price had spiked over 10% lower. To then enter a tight range, which saw a huge breakout, jumping around 20% high. Over half of this spike to the upside was reversed, moving into the three-session range as mentioned above.

Looking to the upside, eyes will be on another range-breakout. Bulls will be wanting to retest the breached supporting trend line. An attempt was made during the rally seen on 15th October, however strong resistance was observed. In terms of support, this can be eyed at the lower part of the current range, around $107.50. If the bears pile enough pressure, it vcould see a fast move back to $100, then further south below demand area from $86-76.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 31 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins

NEO Price Leapfrogs Market as Technical Article Competition Underway

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NEO’s value rose a brisk 5% on Thursday, as the leading altcoin maintained a bullish outlook following the launch of a new competition designed to engage community members.

NEO Price Update

The price of NEO reached a high of $17.52, its best level in more than a week. At the time of writing, the NEO-U.S. dollar exchange rate was valued at $17.32, having gained 5.6% over 24 hours. The so-called ‘Ethereum of China’ saw daily trade volumes of $224.2 million on virtual currency exchanges.

Upside momentum is expected to face stiff resistance near $18.00. A lack of trading catalysts in the broader market could keep altcoins under wraps for a while longer as bitcoin continues to exert its dominance.

At current prices, NEO has an overall market capitalization of $1.1 billion, placing it 15th among active crypto projects.

NEO’s gains contrasted with tepid moves in the broader market on Thursday. Most major coins ranked ahead of it experienced only modest price changes over the past 24 hours. The total crypto market cap is currently hovering around $210 billion, virtually unchanged since Monday.

Technical Article Competition

NEO Blockchain announced on Thursday the start of a new technical article competition that opens the floor to community members to share their experiences. According to NEO’s official Twitter handle, the competition encourages network users “to share their experiences and knowledge focusing on the technical aspects of the NEO Blockchain.” Submissions are open until Dec. 17, with the winning articles set to receive a payout in NEO cryptocurrency.

Topics up for consideration include NEO’s technical architecture, ecosystem, smart contract development and decentralized application development, among others. A full list can be found here.

The competition was announced just one day after NEO celebrated the second anniversary of its mainnet launch. The mainnet went live in 2016 under the name Antshares at a price-per-token of around $0.08 cents. By August of last year, it had rebranded as NEO and would ride the crypto boom all the way to $160, putting it among the best-performing assets of 2017.

NEO’s ambition to power the global “smart economy” received a significant boost following the launch of dBFT, a consensus algorithm that provides scalability of 10,000 transactions per second. Despite not receiving the same press as Ethereum, NEO has emerged as a formidable player in the world of decentralized applications. Its proponents say everything that is done on Ethereum can be completed on NEO at a much faster and more efficient rate.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 647 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Tron (TRX) Progressing Faster Than Anyone Predicted – Including Justin Sun

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The biggest Tron news to hit the crypto headlines in the last few days is the now confirmed partnership with Chinese internet services giant, Baidu. As the news dropped, the value of TRX rose – climbing by 5% in the twenty-four hour period leading into Thursday afternoon (UTC).

TRX Adoption

However, as notable as the Baidu affiliation might be, the more telling signs of Tron’s growth may be found in looking at its rapid adoption rate.

As Tron founder and CEO Justin Sun tweeted on Oct 17th:

“As of October 17th, 19:00(SGT), TRON mainnet accounts surpassed 500K, the growth speed remains 100K per month, since TRON mainnet was launched less than four months.”

As covered here earlier in the month, the Tron account creation rate is double that of EOS, which has acquired just 100,000 new accounts in the same time period. Even after having launched a year-long ICO which eventually raised $4 billion, the EOS blockchain currently holds 25% less accounts than that of Tron.

Conservative Estimate

In the first week of October, Justin Sun told media interviewers that he was targeting a 2019 date for Tron’s return to the top ten cryptocurrencies. Sun originally said:

“If we look at the top 10 cryptocurrencies, many of them are not motivated to continue innovating or improving their product. They represent the older generation of cryptos. TRON, on the other hand, is a young company with cutting edge technology, with much more room for growth. We are confident that TRON will surge into top 10 in the next 6 months.”

Even at the time of the statement, this seemed like an uncharacteristically conservative estimate from the Tron CEO. Since that time, Tron has moved up the rankings from 13th place to 11th – now just over $100 million behind Monero (XMR).

Despite recent dips, TRX is still 12% more valuable than this time last week, and 34% more valuable than this time last month. If the current rate of growth holds steady, another 10% boost by would be enough to displace Monero and send Tron back into the top ten spot it occupied for most of 2018.

TRX/USD

In the previous twenty-four period, the value of one TRX coin climbed from $0.023766, up to the $0.024938 valuation recorded at 11:30 UTC. The movement was carried out without much of a change to overall volumes, which have remained between $104 million and $112 million for the last two days.

Today’s 5% boost seems to have been a response to the Baidu news, which was teased out for several days by Justin Sun. Details later emerged that the Baidu venture would not necessarily be blockchain-based, and instead would see Tron employ Baidu’s services and infrastructure in its testing.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 79 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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